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| Empowerment Zone (EZ) Blighted Properties
Redevelopment Program |
The governing board of the Knoxville Empowerment Zone, the Partnership
for Neighborhood Improvement (PNI), has allocated $1,884,000 in
Empowerment Zone funding to the City's Community Development Division
to implement a program that will provide financing through loans,
grants and/or subsidies for the purpose of redeveloping and renovating
vacant dwelling units, or constructing new dwelling unit, for either
sale or rent.
Eligible properties must be located in the Empowerment Zone and
meet the Program requirements. [Click here to view Designated Properties Map]
It is expected that most of the financing will be loans to be repaid
upon the completion of the development, when the property is sold
or the owner obtains permanent financing.
A
portion of the financing may need to be in the form of a grant when
necessary to make a project affordable to a low/moderate income
purchaser.
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